NMLS Processing Fees

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NMLS Processing Fees, including fees associated with testing, education credit banking, and criminal background and credit checks, are established and reviewed annually by the Board of Managers of the State Regulatory Registry LLC, the operator of NMLS, on behalf of participating state agencies. The basic NMLS Processing Fees for company, branch, and mortgage loan originator licensing were initially established when NMLS launched in January 2008 and have not increased since that time, despite continual development to improve and expand system functionality.

Payments submitted through NMLS can be made using Visa, Master Card, or ACH (Automated Clearing House). Effective October 21, 2013, all credit card transactions will have a 2.5 percent service fee added to the charge. Transactions paid by ACH will not be subject to any additional service fees; see the Paying by ACH Quick Guide for assistance. For more information on both payment methods, see the NMLS Payment Options Quick Guide.

The NMLS processing fees for state licensing and federal registration are listed below. Payment of the fees listed below may be made by credit card or by ACH payment from a bank account (pre-authorizing ACH payment to NMLS is recommended). NMLS does not charge a processing fee for ACH payment. For payment by credit card, a 2.5% service fee will be applied. This fee will appear on a separate line on your credit card statement.

NMLS Processing Fees for State Licensure

Initial Setup Fee - This fee is incurred each time a company (Form MU1), branch (Form MU3), or mortgage loan originator (Form MU4) uses the NMLS to apply for a new license in a participating state. The Initial Set-up Fee is a “per agency/per license.” fee. The initial set-up fee is not charged for license authorities that do not include the ability to originate, fund, or service mortgages.

Annual Processing Fee - This fee is incurred each year during the annual renewal period when a company, branch, or mortgage loan originator submits a renewal request in a participating state. This fee is a “per agency/per license” fee.

MLO Change of Sponsorship Fee - This fee is incurred each time a company requests to sponsor a mortgage loan originator's (MLO) license. This fee is a “per agency/per license” fee.

Entity

Initial Set-up Fee

Annual Processing Fee

MLO Changeof Sponsorship

Company (Form MU1 Filing)

$100

$100

$30

Branch (Form MU3 Filing)

$20

$20

n/a

Individual (Form MU4 Filing)

$30

$30

n/a

IMPORTANT: The above fees do not represent the total cost to license a company, branch or MLO. Each state agency may charge its own licensing fees for each of its license types and for MLO license sponsorship.

NMLS Processing Fees for Federal Registration

Initial Setup Fee - This fee is incurred when an institution (Form MU1R) or mortgage loan originator (Form MU4R) initial registration is made in NMLS.

Annual Processing Fee - This fee is incurred each year during the annual renewal period.

MLO Change of Employment Fee - This fee is incurred each time an institution requests to have a registered mortgage loan originator (MLO) associated with their institution.

Two-Factor Subscription Fee - In order to satisfy federal requirements for online government services, NMLS uses a two-factor authentication system (Verisign security token) for all institution users who have access to more than one MLO’s personal identifying information. The annual subscription fee is charged to each institution user to cover the cost of this service. It is a "per user/per year" fee.

Entity

Initial Set-up Fee

Annual Processing Fee

MLO Changeof Employment

Two-FactorSubscription

Institution(Form MU1R Filing)

$100

$100

n/a

$55/user

Individual (Form MU4R Filing) for 2011

$60

$0

$30

n/a

Individual (Form MU4R Filing) for 2012 and subsequent years

$30 if registration occurs between January and June.$60 if registration occurs between July and December.

Uniform Authorized Agent Reporting Processing Fee

Per Active Agent Fee - Twenty - five cents ($0.25) per active agent assessed on an annual basis during the license renewal period (November 1st).

Active agent number based on the number of agents in the system on August 16th of each year (day after the second quarter UAAR update deadline).

No licensee will pay an annual processing fee on the first 100 active agents. If a licensee has 100 agents or less, they pay no fee.

Annual processing fee capped at $25,000 per licensee per year.

Additional Information on NMLS Processing Fees

How are NMLS Processing Fees structured?

NMLS Processing Fees have been generally structured on a “per license, per state” basis, such that companies or individuals holding more licenses pay more in fees than those that hold fewer licenses. Additionally, mortgage loan originator NMLS Processing Fees are generally structured on an activity basis such that MLOs who move between employers or change licenses pay more in fees than those that do not move between employers or changes licenses.

What are the NMLS Processing Fees used for?

The NMLS Processing Fees are used to pay for the operations and development of NMLS. The operations of NMLS include maintaining and developing all system functionality, providing for system availability, retaining all records and ensuring system data security, operating the NMLS Call Center, and updating and developing the NMLS Resource Center. Additionally, many of the capabilities available through NMLS are mandated under the federal S.A.F.E. Act such as the testing and education enrollment and the ability to obtain criminal background checks and credit reports.

Since its launch on January 2, 2008, NMLS has added a significant amount of functionality designed to enhance NMLS’ effectiveness as a supervisory tool for state agencies as well as streamline the compliance process for licensees. This functionality has included the electronic uploading of financial statements and other documents, the unified criminal background check and credit check process, electronic credit banking of education requirements, the SAFE MLO Test with Uniform State Content, and the Streamlined License Renewal process. Additionally, NMLS Consumer Access, a fully searchable website that allows the public to verify the credentials of mortgage professionals, is provided free of charge.

NMLS is continually being enhanced to improve its effectiveness as a supervisory tool as well as to provide licensees with a uniform compliance process.